The global vehicle electrification market is expected to grow at an impressive compound annual growth rate (CAGR) of 10.3% from 2022 to 2032. Valued at USD 72 billion in 2021, the market is driven by a growing emphasis on eco-friendly alternatives in the automotive sector.
Several factors contribute to the expansion of vehicle electrification, including increasing fuel prices and a surge in electric vehicle sales. Enhanced environmental awareness, stringent emission standards, and consumer demand for fuel-efficient vehicles further stimulate market growth. Additionally, government incentives such as tax breaks and subsidies are promoting vehicle electrification worldwide.
Technological advancements, like the development of e-axles in electric vehicles, also play a significant role in driving the market. The rising demand for lightweight, fuel-efficient vehicles further supports the growth of the vehicle electrification market.
Unlock Growth Potential in the Automotive Industry – Get Your Sample Report Now!
Key Takeaways from the Vehicle Electrification Market Report:
- Demand for hybrid vehicles will propel market growth.
- The electric power steering sub-segment will dominate the Asia Pacific market.
- North America is anticipated to be the fastest-growing vehicle electrification market.
- The U.S. will lead the North America vehicle electrification market.
- Asia Pacific presents high growth opportunities for the vehicle electrification market.
- Governments in South Korea, India, and China to promote electric vehicles. This will boost market sales in the region.
- High battery costs, overheating, battery development, and total energy storage capacity of the battery are market challenges.
Competitive Landscape:
Bosch, Continental, Denso, BorgWarner, and Mitsubishi Electric are some of the key manufacturing organizations in the vehicle electrification market that are profiled in the full version of the report.
In a competitive market, these major organizations maintain extensive product portfolios and strong global distribution channels. These companies engage in strategic collaborations, contracts, and engagements; increase investments in new product development, and employ other expansion strategies to gain a competitive edge.
Major manufacturers in the vehicle electrification market include Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric (Japan). These companies have extensive product lines and strong global distribution networks. To maintain their market position, these companies employ strategies such as new product development, expansions, collaborations, and contracts and agreements.
- ARBOC Specialty Vehicles, LLC (United States) and XL Fleet Corp. (United States) collaborated to electrify ARBOC Freedom low-floor buses.
- Ford (United States) has acquired Electriphi (California), a company that provides charge management and fleet monitoring software.
Electric power steering (ESP) installation provides reduced fuel consumption and improved vehicle maneuverability. ESP accounts for 91% of installation in the Asia Pacific vehicle electrification market. Thus the ESP sub-segment will own the highest market share in the forecast period.
Ready to Make an Informed Decision? Contact Sales Now!
Vehicle Electrification Market Segmentation:
Product Type:
- Start/Stop System
- Electric Power Steering (EPS)
- Electric Air-Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Liquid Heater PTC
- Integrated Starter Generator (ISG)
- Starter Motor
- Alternator
- Actuator
Degree of Hybridization:
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- 48 V
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
More Insights into the Vehicle Electrification Market Report:
In its latest report, FMI offers an unbiased analysis of the global vehicle electrification market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented based on product type (start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, integrated starter generator (ISG), starter motor, alternator, actuator), degree of hybridization (internal combustion engine (ICE) & micro-hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV) 48 v), and region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube